Silver (XAG/USD) continued its upward momentum on Friday, reaching fresh two-month highs just below $71.00 per troy ounce, marking the second consecutive day of gains and extending a four-week rally [1]. According to FXStreet data, silver traded at $70.41 per troy ounce, representing a 1.68% increase from Thursday's price of $69.25 [2]. Despite this recent surge, silver prices have decreased by 0.94% since the beginning of the year [2].
The rally comes as investors focus on the upcoming speech by Federal Reserve Chairman Kevin Warsh at the Jackson Hole Symposium, seeking further clarity on the central bank's monetary policy after what was described as poor guidance at July’s meeting [1]. The anticipation is heightened by recent calls from Kansas Fed President Jeffrey Schmidt and Cleveland Fed President Beth Hammack for immediate monetary tightening, following higher-than-expected US Personal Consumption Expenditures (PCE) Price Index figures released the previous day [1].
Technical analysis indicates that XAG/USD is trading at $70.44, with momentum indicators such as the Relative Strength Index (14) at 66, suggesting a constructive bias but not yet overbought conditions [1]. The next resistance levels are identified at the mid-June highs between $71.35 and $71.55, with a key resistance at the 200-day Simple Moving Average (SMA) at $72.50. A break above this could open the path toward the June 4 high near $75.00 [1]. On the downside, support is seen at Thursday's low of $67.63, with further support at $63.25 and $60.90 [1].
The Gold/Silver ratio, an indicator of the relative value between the two metals, stood at 65.38 on Friday, down from 66.44 on Thursday, suggesting silver has outperformed gold in the latest session [2]. No explicit analyst forecasts or forward-looking statements beyond technical levels and the focus on the Jackson Hole Symposium were provided in the sources.
CONCLUSION
Silver prices have rallied to two-month highs, driven by anticipation of the Federal Reserve's policy signals at Jackson Hole and recent hawkish commentary from Fed officials. The market is closely watching key resistance levels, with technical indicators remaining positive. The outcome of the Jackson Hole Symposium is likely to influence silver's next move.